Blockchain & Cryptocurrencies Regulation Index 2018. Country Report: Switzerland
Switzerland. Index score: 7.13. Country Rank: 6. Rather Enabling Environment.
Switzerland has recently become one of the main centers of the cryptocurrency industry. Its overall favorable taxation environment and other accompanying preferences enabled a number of bitcoin and blockchain companies to gain a foothold in this European region. Financial Market Supervisory Authority FINMA and the Federal Council openly welcome innovative startups while trying to contain the negative effects of the cryptocurrency boom and protect both the market and investors.
The Swiss authorities are implementing blockchain technologies in public administration. In 2016, Zug became the first European city that accept Bitcoin as payment for utilities and other services on a regular basis. In 2018, Zug was announced to take a pilot municipal vote using the blockchain technology. The Zug authorities recognized the experiment as successful.
The basis for the regulation of issues related to blockchain projects and cryptocurrencies was laid in 2014 in the report of the Switzerland's Federal Council, that defined legal status of cryptocurrencies but primarily aimed at defining situations when operations with cryptocurrencies fall under the KYC / AML rules. In 2018 FINMA published ICO guidelines.
Switzerland has recently become one of the main centers of the cryptocurrency industry. Its overall favorable taxation environment and other accompanying preferences enabled a number of bitcoin and blockchain companies to gain a foothold in this European region. Financial Market Supervisory Authority FINMA and the Federal Council openly welcome innovative startups while trying to contain the negative effects of the cryptocurrency boom and protect both the market and investors.
The Swiss authorities are implementing blockchain technologies in public administration. In 2016, Zug became the first European city that accept Bitcoin as payment for utilities and other services on a regular basis. In 2018, Zug was announced to take a pilot municipal vote using the blockchain technology. The Zug authorities recognized the experiment as successful.
The basis for the regulation of issues related to blockchain projects and cryptocurrencies was laid in 2014 in the report of the Switzerland's Federal Council, that defined legal status of cryptocurrencies but primarily aimed at defining situations when operations with cryptocurrencies fall under the KYC / AML rules. In 2018 FINMA published ICO guidelines.
HISTORICAL BACKGROUND
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
POLITICAL ENVIRONMENT
Head of state
Parliament
Government of Estonia
Central Bank
Banks
Courts
Associations
LEGAL ENVIRONMENT
Regulatory Convergence
Definiteness of Legal Regulation
Regulation of the cryptocurrency business
Stability of Legal Regulation
Adequacy of Legal Regulation
Situation With the Rule of Law
INFRASTRUCTURE ENVIRONMENT
